Ho Bee

Ho Bee: acquires two prime residential sites in Gold Coast, Australia. i) freehold tenure with land area of 25.6k sf, located at 3340 Surfers Paradise Boulevard. There is current planning approval for the devt of a 30 storey apt building consisting of 154 units with total gfa of 157.7 sf. Total consideration is A$10m. ii) freehold tenure with land area of 113.3k sf, located at Broad Beach, next to the proposed bus and light rail terminal. Max plot ratio of 6.5 and can be developed into a high rise residential with some retail spaces. Total consideration is A$20m. The acquisitions will be financed by the Group’s internal funds and are not expected to have material impact on the FY12 financials.